“House Republicans are uniting around a massive tax and spending bill to codify President Donald Trump’s campaign promises that will not require substantial spending reductions, because party leaders have decided to write off the multi-trillion-dollar cost of new tax cuts,” the Washington Post reports.
“GOP leadership earlier this week unveiled a plan to lawmakers that will cut $315 billion in spending over 10 years, but it will add another $325 billion in new spending on Trump’s national security and immigration crackdown.”
“Major portions of Trump’s 2017 tax cut — which lowered rates for businesses and all income brackets but concentrated benefits among the most wealthy — are set to expire at the end of the year. The House GOP plans to extend those provisions, plus add other business tax incentives, at a cost of $5.5 trillion over a decade. Because the legislation mainly aims to renew some expiring policies, Republicans will not factor in the cost of the tax cuts in the bill, though they will claim projected increases in federal revenue from much hoped-for private-sector growth.”
Save to Favorites